ECONOMICS
DECISION MAKING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
List your options
|
|
|
Outline the consequences
|
|
|
Identify the problem
|
|
|
Make the decision
|
Detailed explanation-1: -Step 1: Identify the decision. You realize that you need to make a decision. Step 2: Gather relevant information. Step 3: Identify the alternatives. Step 4: Weigh the evidence. Step 5: Choose among alternatives. Step 6: Take action. Step 7: Review your decision & its consequences. 08-Jun-2022
Detailed explanation-2: -Step 2: Gather Information for Weighing Your Options When making good decisions it is best to gather necessary information that is directly related to the problem. Doing this will help you to better understand what needs to be done in solving the problem, and will also help to generate ideas for a possible solution.
Detailed explanation-3: -The decision-making process allows for the exploration of all alternatives in order to solve a problem, and it ensures that the best solution is found. The decision-making process includes the following steps: define, identify, assess, consider, implement, and evaluate.
Detailed explanation-4: -Strategic decisions set the course of organization. Tactical decisions are decisions about how things will get done.
Detailed explanation-5: -Define the problem or need: Analyze the issue at hand: Implement and communicate: Learn from the process and the outcome: